(New York) Stock markets regained momentum on Friday after a stressful week, buoyed by a strong jobs report that illustrated the resilience of the US economy, but could encourage the US central bank (Fed ) to continue raising rates.
The European indices rebounded significantly, compensating for their losses the day before: Paris recovered 1.26%, Frankfurt 1.44% and London 0.98%.
In New York, the Dow Jones rose 1.65%, the NASDAQ index rose 2.25% and the S&P 500 index rose 1.85%.
Event of the day, the job market in the United States rebounded unexpectedly in April, with job creations on the rise and the unemployment rate falling.
A particular point of attention for investors who fear an inflationary spiral, remuneration continued to rise in April, over one month, above expectations (+0.5% against +0.3%).
In this context, all eyes will be on the US inflation figures on Wednesday. If it remains more pronounced, the Fed could be encouraged not to interrupt its rate hike cycle.
In this perspective, interest rates on government debt rose sharply on the bond market. That of the German 10-year bond was worth 2.27% against 2.18% at the close of the previous day. Its American counterpart stood at 3.43% against 3.37% the day before.
“The (macroeconomic) figures of the day, with the rebound of the regional banks, brought relief to the fact that the current state of the economy is not that of a recession”, observes Angelo Kourkafas, of Edward Jones. “We are not even at a turning point. »
Apple exceeds expectations
Investor sentiment was supported by Apple’s results (+4.69%) substantially above market expectations thanks to a slight increase in iPhone sales.
Apple also announced a new share buyback program of up to $90 billion.
Banks on the rebound
Shares of US regional banks rebounded on Wall Street after falling sharply the day before, including California’s PacWest, which rebounded 81.70%.
In the process, European banks started to rise again.
Intesa Sanpaolo rose more than 3% in Milan after reporting net profit that beat analysts’ forecasts. In Paris, BNP Paribas took 3.49% and Societe Generale 2.98%.
In Frankfurt, Deutsche Bank gained 3.16% and Commerzbank 4.40%.
Adidas in Olympic form
The German sports equipment manufacturer Adidas (+7.97%) rejoiced investors after announcing a less heavy loss than expected, 39 million euros, the company being penalized by the sudden stop of the Yeezy sneakers of the American rapper Ye , formerly known as Kanye West.
On the side of oil and currencies
Around 4:40 p.m. (Eastern time), the euro was almost stable against the greenback, at 1.1019 dollars for one euro (0.06%).
Oil prices rose sharply on Friday, galvanized by the rebound in job creation, dispelling fears of recession and a contraction in demand for crude.
But crude prices remain on a weekly loss, after plunging throughout the week.
A barrel of Brent North Sea oil for July delivery rose 3.86% to $75.30. It has however lost more than 5% since the beginning of the week.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in June, gained 4.05% to 71.34 dollars, but dropped almost 6% over the week.